Why should it be a straight line? To think that that is the right approach is bordering on naivety. It fails to grasp economic realities. Little things like investment. Overheads. How much value does a worker bring to the business which in turn pays more tax which surely you'd agree is a good thing. That sort of stuff.
I find Monbigot a trifle trite in his very narrow-minded in his treatment of this topic and adopts the Jacob approach that everything not 'socialist' is bad. The use of emotive phrases such as 'ruthless exploitation' is just playing to the sycophants in the socialist gallery.
I understand how it works. Over 40 years ago I was given a crash course in traded options, with a view to producing a game/simulation program for employees. It didn't come to anything, but it was a revelation. It seemed that, for the most part, no underlying stock ever changed hands - after all the puts and gets had been cancelled out.
I never said anything of the sort!
That's good! Monbigot!! Did you make that up yourself, or hear one of the bigger boys say it?
Not necessarily. Take the Duke of Westminster for example. How much work has he put in to 'earn' the £9billion he inherited from his father? Upon which, by the way, he paid no inheritance tax, thanks to clever trusts set up by his army of tax lawyers.
I think he's just trying to make that point that people are mistaken if they think hard work and enterprise is enough to account for great wealth, that they are not 'possessed of unique intelligence or creativity or drive' - and that circumstance has a far greater part to play. As for ruthless exploitation, clearly you don't have to ruthlessly exploit employees to make a decent income. That said, I think there's a bigger picture in which we're nearly all exploited and deliberately misled in a consumer society - with the goal of making a tiny minority very wealthy - but perhaps that's another thing.
I've employed a few (very few) quants and quite a lot of people (in a different business) who worked with their hands. There are not many quant jobs and many are in hedge funds and complex trading operations. These days most of the younger ones are mathematics PhDs recruited from the best universities (those that require high academic standards to get into). There are not many people capable of doing the work, and good ones are in demand, whereas almost anyone can work with their hands. Demand and competition sets the price. They often have quite, how shall I put this, distinctive personalities.
The outcome really depends upon your mindset, people who end up with a great deal of wealth tend to be those whose biggest motivator in life is money, more money and even more money but for those who are more inquisitive and hands on that enjoy making and designing wealth will elude you because you may desire more money but you enjoy other things more and do not dedicate your life to be a slave to money. I personally place knowledge above wealth, I find more motivation in learning and making than thinking about making excess money to have that lifestyle that I know I would hate.
Then tighten up the rules.
That reply is just childish and ignores all the philanthropic and charitable work that he carries out.
Really ? Does anyone force you to go out and buy product X or product Y ?
I take your point, but once again, what does it have to do with "merit"? Your best friend could be considered lucky to have quant skills and motorbike skills. Does that make him more deserving?
It'd be a mistake to underestimate the pervasive influence of advertising, the promotion of lifestyles through the media and so on, on the choices we make. They're there, shaping our consciousness and values from the moment we're born. People like to kid themselves they are free-thinking, making their decisions from scratch, but that's nonsense.
I think merit and deserving are both subjective things judged by other people. A picture may have artistic merit in my view, whereas you may think it mere scribble. As for deserving, if there was a god then only she could decide who deserves what, as most people, rich and poor think they deserve more. Humans seem to be naturally envious of each other and intrinsically greedy. I've known quite a few wealthy people as a result of my working life. Most of them keep quiet about it. This can be a social factor as well - for example in the Netherlands (quite Calvinistic societally) and Switzerland which ~ two places where I have lived, ostentatious displays of wealth are looked down upon. We tend anyway to view everything through the lens of our own circumstances and experience and may not realise we are wearing blinkers.
I agree.
...and that being on the bread line is a life style choice!I don't know about deserving more, but I think the majority seem to think that everyone else's job is easier than their own.
I can't disagree with that. Just like everyone thinks they're a better than average driver.I don't know about deserving more, but I think the majority seem to think that everyone else's job is easier than their own.
